If analysts at Moody’s Investors Service were placing a bet on Pennsylvania’s casino market, a report this week indicates they would put their money on the tables.

As for slots? They would likely pinch pennies, not play them.

Over the latest 12-month basis, the report shows revenue from table games and slot machines in the state have been headed in opposite directions. At the tables, there has been a steady increase in revenue due to an increase in both the average number of tables in service and the table revenue per unit, per day. Moody’s believes the increase is largely the result of an ongoing shift in consumer preferences as opposed to table games cannibalization from neighboring states, such as Maryland, where table games revenue also has been growing.

Meanwhile, at the slots: There has been a decline in the average number of slots in service and a drop in the slot revenue per unit, per day, meaning tightening up the supply has not led to more demand at each machine.

In fact, slot machine revenue in Pennsylvania totaled about $2.34 billion last year, a drop from $2.36 billion in 2016. Slot machine revenue has been mostly stagnant in the state for several years, hitting a peak of $2.47 billion in 2012.

“That’s really the takeaway from this report,” said Keith Foley, a senior vice president with Moody’s. “People talk about market saturation — it’s the slots, which are a large portion of the market, that are saturated.”

While slots have flattened out, tables have picked up the slack, bringing in revenue of $890.7 million last year, up from $853.2 million in 2016. The Moody’s report, released Wednesday, shows table games now account for 27.6 percent of Pennsylvania’s total gambling revenue, up from 23.4 percent in 2013.

And Moody’s believes the tables still have some room to run.

“In effect, the favorable relationship between the supply of tables and demand for tables will continue,” the report reads. “However, the degree to which table game revenue improvement will continue to compensate for future slot revenue declines will dwindle.”

The report comes at at time when Pennsylvania is in the midst of expanding gambling across the state. One part of that expansion is the addition of up to 10 mini-casinos, each with up to 750 slot machines and 30 table games initially, across the state. So far, four mini-casino auctions have been completed and six auctions remain, running biweekly from March 7 to May 16.

While the outlook of adding more tables to the market looks strong, Moody’s believes adding more slots to the market could “contribute to a further decline in slot win per unit, perhaps to a point where there will be little to no incremental increase in total gaming revenue coming from slots.”

But Pennsylvania Gaming Control Board spokesman Doug Harbach said the expectation of the gambling expansion is an increase in both table games revenue and slot machine revenue.

With casinos today all about convenience, he noted the idea behind mini-casinos is there are available pockets in underserved parts of Pennsylvania. In addition, some of the minis planned — namely, Penn National’s site in York County near Maryland and Mount Airy’s planned mini-casino near the Ohio border — could bring in out-of-state gamblers, which could represent new dollars to the state. To secure those sites, Penn National bid $50.1 million in the first auction and Mount Airy won with a nearly $21.2 million bid in the third auction.

“I don’t think those casinos would be bidding the amounts that we have seen so far for a mini-casino if they weren’t expecting to make new revenue,” Harbach said.